Business and Professional Services

As professional and business services firms expand in complexity and global presence, Simpson Thacher partners with them to navigate their most transformational events.

Our lawyers work closely with professional services partnerships and other business services on strategic transactions, including carve-outs, reorganizations and IPOs. We have a strong understanding of the trends shaping industries such as advertising, legal, employment services, IT and software services, management consulting and outsourcing.

We have particular experience establishing alternative practice structures for accounting firms and representing private equity sponsors investing in such alternative practice structures. Our lawyers regularly negotiate all aspects of a deal, including governance arrangements, management equity plans, employment agreements, administrative services agreements and the overall design and execution.

Advised on 6 of 9 deals involving PE investment in the 2024 Accounting Today’s Top 25 Accounting Firms List

Our experience has included:

New Mountain Capital and Citrin Cooperman Advisors in the pending sale of Citrin Cooperman Advisors to a Blackstone-led group, the first-ever sale of a PE-backed accounting firm to another private equity sponsor
Centerbridge Partners in its strategic growth investment, alongside Bessemer Venture Partners, in the non-attest business of Carr, Riggs & Ingram
Charlesbank Capital Partners in its strategic investment in Aprio, a leading business advisory and accounting firm

Citrin Cooperman in its acquisition of the non-attest business of New York accounting, tax and consulting firm, Berdon LLP
Grant Thornton Advisors and New Mountain Capital in the announced combination of Grant Thornton Advisors with Grant Thornton Ireland’s advisory and tax businesses
Hellman & Friedman in its strategic investment, alongside Valeas Capital Partners, in Baker Tilly US
New Mountain Capital in its investments in the non-attest business of Grant Thornton and Citrin Cooperman

Alight in its pending sale of its Payroll and Professional Services business to an affiliate of H.I.G. Capital
Applied-Cleveland Holdings, a First Reserve portfolio company, in its acquisition of the Inspection Business of STS Consulting Services
CBRE in its planned combination of its Project Management business with Turner & Townsend

Cerberus Capital Management in its acquisition of Kellermeyer Bergensons Services
Evercore on its corporate reorganization, IPO and concurrent acquisition of Protego Asesores
KKR in its acquisitions of Ensono, a leading hybrid IT services provider, and the Engineering Solutions business of S&P Global
MDC Partners in a $100 million investment by The Stagwell Group through the sale by MDC of common shares and non-voting convertible preference shares

Accenture in its separation from Arthur Andersen and advised on its global reorganization and IPO and subsequent migration to Ireland
BC Partners in the sale of its interest in Teneo to CVC Capital Partners
CHA Consulting and First Reserve in the acquisition of CHA by H.I.G. Capital from First Reserve

Hellman & Friedman, in its recapitalization and significant investment in AlixPartners pursuant to which, funds affiliated with Hellman & Friedman acquired a majority ownership of AlixPartners

Allen & Overy in its merger with Shearman & Sterling
Blackstone in the spin-off of its financial advisory and Park Hill fund placement businesses (which were combined with PJT Partners as part of the transaction)
Carlyle in its global reorganization and sale of a minority equity stake to an affiliate of Mubadala Development Company, its IPO and recent corporate conversion

Corsair Capital in the acquisition of a controlling stake in Jackson Hewitt Tax Service
KKR in its business combination with KKR Private Equity Investors, KKR’s publicly traded affiliate listed on Euronext Amsterdam, and subsequent listing on the NYSE, its corporate conversion and its series of reorganization transactions

Business and Professional Services

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